Illustration by Christopher Burke for The National
Illustration by Christopher Burke for The National

Brigitte Taittinger: On the scent of a fresh conquest



Brigitte Taittinger is a famous French businesswoman, but she is also the granddaughter of a famous French champagne maker and the wife of a famous French politician.

She flicks through the notable episodes of her life like the pages in a well-worn collection of short stories.

There's the one about her father, François, who would scrutinise the menu every time he sat down in a French restaurant to see if his company's champagne was the most expensive on the list because he wanted to brand the drink as high-end.

"He would look to see if it was there, Taittinger champagne," says Ms Taittinger, who is the chief executive of the global perfume house Annick Goutal.

"Then he would look at the price and if it was not the highest he would cry and be disappointed."

Then there is the story about her husband, Jean-Pierre Jouyet, who went to parliament and impressed all the female politicians with his new fragrance.

"It's very funny because he uses all my perfume. When he was in parliament all the ministers would smell Jean and ask: 'What perfume did you try today?'"

Ms Taittinger is so happy just to tell stories she almost forgets to mention why she is in Dubai, sitting at the top of Emirates Towers.

Goutal is launching a fragrance in the region called Nuit Étoilée, or Starry Night, which Ms Taittinger says is redolent of pine trees, rivers and the great outdoors.

"I'm sure we can grow the business a lot in this part of the world," she says in a thick French accent. "Why? Because people in this part of the world know and like perfume."

Ms Taittinger sits on a sofa covered in blue satin. Coffee, tea and juices are served in beautiful china cups and a bottle of Nuit Étoilée sits in the middle of the table draped in a blue ribbon to match the sofa.

The French champagne heiress is very businesslike at first, but her stern features soon crack into a welcoming smile as she dives into another story, this one about her first day in the job.

The year was 1991 and her uncle had asked her to take over the running of Goutal, which was mired in big losses.

"My uncle said, 'Brigitte, we have bought a house of perfume, it's difficult to develop this type of company, we are losing a lot of money, are you interested in this challenge?' And I said, 'Why not?'"

But it was a big undertaking.

She had to repair a bitter rift between her uncle, Jean Taittinger, and Annick Goutal, the original creator of the Goutal brand, who had left the company and sold her stake in 1988.

Ms Goutal was a former French model and an accomplished musician. She opened her first boutique perfume store in 1981 on Rue de Bellechasse in Paris after training under the tutelage of Henri Sorsana, a well known perfumer.

However, she and Mr Taittinger had fallen out not long after he took the brand into the Taittinger portfolio by injecting cash and buying 60 per cent of the business.

"It had very quickly become tough between them," says Ms Taittinger, who soon approached Ms Goutal to return to the brand in 1991.

"I said, 'Do you want to work with me? You are again in charge of the creation and you are a free creator. It's not my choice if you choose roses. It's your story and your name.'"

Ms Goutal replied: "I like you Brigitte. I do not like your family, but we are going to work together."

Mr Taittinger, meanwhile, protested: "You are going to make an error, she is going to be very costly. We are going to lose a lot of money through Annick Goutal."

"But I said I think I'm right because she is the creator, because she is wonderful," Ms Taittinger says.

Despite Ms Goutal's disdain for the Taittinger family, she and Brigitte endured six years of difficult trading, and eventually made the company profitable in 1997.

Coming from a line of successful businessmen and politicians, Ms Taittinger was under pressure to make the brand a triumph.

Her grandfather had founded the Taittinger dynasty in 1932 and it grew to include 450 hotels, a successful champagne business, the crystal manufacturer Baccarat and the Goutal perfume house.

"We are the third generation. The company was created by my grandfather. My parents' generation were eight. My generation, we are 24 [people]," says Ms Taittinger. "It's very difficult to structure when you are eventually 60 people."

So after thinking long and hard, the family decided to sell the company in 2005. "We decided to all go or stay. It was a one-year decision to take. It was very difficult," says Ms Taittinger.

The hotels, crystal, champagne and Goutal were sold in 2005 to the hotel group Starwood. Last August, Goutal was individually sold to Amore Pacific, a Korean beauty and skincare company.

"I'm a pragmatic women, depending on the strategy of my shareholder," says Ms Taittinger. "My first conversation with Starwood in 2005 was that I would like to make a proposal to buy the company. They said, 'Brigitte, first of all, we don't want to sell the company, because of the success in the US market and if you agree, can we continue to develop the strategy.'"

Ms Taittinger was convinced by Starwood's proposal because it said it would protect the image of the brand, the boutique nature of the company and the legacy of the creator. "For me, the most important point was to retain independence of creation," says Ms Taittinger. "Life is long. I'm very pragmatic. It was not possible to buy but I agreed with Starwood. My focus is now Middle East and Asia, because now we have Korean shareholders."

Alongside telling interesting stories, pragmatism is another quality Ms Taittinger seems to have in abundance.

As a graduate, she dreamed of a job in journalism, but she instead took a job in advertising and communications. She worked in Paris for four years at Publicis, where her client was L'Oréal.

"I worked with the marketing team at L'Oréal for many years. I was very impressed because they were marketing professionals. When I discovered the world of Annick Goutal I thought it would be difficult to be as professional as L'Oreal. But what can Annick Goutal be? It can be totally different which means the creator is queen," she says.

Sadly, Annick Goutal, the creator and queen, died in 1999 of breast cancer, at 53. Her three sisters also died of cancer at a young age.

"The last five years, Annick, she was very ill. But creation was still a big part of Annick Goutal," says Ms Taittinger.

Fortunately, this final story has a happy ending, because creation has remained in the Goutal family.

Annick's daughter Camille, 34, now works with her mother's long-standing assistant Isabelle Doyen to produce the brand's fragrances.

"I think I was right to ask Annick Goutal back. It's one of the reasons there's a lot of emotion in this brand," says Mr Taittinger.

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Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.

Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.

Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.

Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.

“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.

Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.

From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.

Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.

BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.

Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.

Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.

“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.

Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.

“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.

“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”

The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”

2025 Fifa Club World Cup groups

Group A: Palmeiras, Porto, Al Ahly, Inter Miami.

Group B: Paris Saint-Germain, Atletico Madrid, Botafogo, Seattle.

Group C: Bayern Munich, Auckland City, Boca Juniors, Benfica.

Group D: Flamengo, ES Tunis, Chelsea, (Leon banned).

Group E: River Plate, Urawa, Monterrey, Inter Milan.

Group F: Fluminense, Borussia Dortmund, Ulsan, Mamelodi Sundowns.

Group G: Manchester City, Wydad, Al Ain, Juventus.

Group H: Real Madrid, Al Hilal, Pachuca, Salzburg.

Fixtures
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Ms Yang's top tips for parents new to the UAE
  1. Join parent networks
  2. Look beyond school fees
  3. Keep an open mind
Biography

Favourite drink: Must have karak chai and Chinese tea every day

Favourite non-Chinese food: Arabic sweets and Indian puri, small round bread of wheat flour

Favourite Chinese dish: Spicy boiled fish or anything cooked by her mother because of its flavour

Best vacation: Returning home to China

Music interests: Enjoys playing the zheng, a string musical instrument

Enjoys reading: Chinese novels, romantic comedies, reading up on business trends, government policy changes

Favourite book: Chairman Mao Zedong’s poems

A MINECRAFT MOVIE

Director: Jared Hess

Starring: Jack Black, Jennifer Coolidge, Jason Momoa

Rating: 3/5

AIR
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Banned items
Dubai Police has also issued a list of banned items at the ground on Sunday. These include:
  • Drones
  • Animals
  • Fireworks/ flares
  • Radios or power banks
  • Laser pointers
  • Glass
  • Selfie sticks/ umbrellas
  • Sharp objects
  • Political flags or banners
  • Bikes, skateboards or scooters
New schools in Dubai
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Engine: Dual-motor all-wheel-drive electric

Range: Up to 610km

Power: 905hp

Torque: 985Nm

Price: From Dh439,000

Available: Now

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Small Victories: The True Story of Faith No More by Adrian Harte
Jawbone Press

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NO OTHER LAND

Director: Basel Adra, Yuval Abraham, Rachel Szor, Hamdan Ballal

Stars: Basel Adra, Yuval Abraham

Rating: 3.5/5

Skewed figures

In the village of Mevagissey in southwest England the housing stock has doubled in the last century while the number of residents is half the historic high. The village's Neighbourhood Development Plan states that 26% of homes are holiday retreats. Prices are high, averaging around £300,000, £50,000 more than the Cornish average of £250,000. The local average wage is £15,458.